Classical brain wallets (see [1]) are not secure and have the same problem as weak passwords: -they are easy reconstructed by hackers.
In this post, we learn how to create secure brain wallets for XNO, using private dynamical passwords generators (DPGs) and special converters.
Step 1. Using easy memorable information, for example Albert Einstein’s name and birth date, we generate 100 hard to guess strings with a private DPG (see [2-20]).
Step 2. Using a single string (or substring), for example 5-th string and special converters, we convert the string into a private key and a public address (xno crypto wallet).
Step 3. Before using this wallet, we need to check that it was not used by other people. We can do this by using public address browsers, for example https://nanolooker.com
There were no transactions on this wallet, therefore it can be used. Users do not need to save or remember the private key, it can be reconstructed any time from any device connected to internet via a web browser. But, users need to remember the input parameters to private DPGs they use.
If you use an unsafe web browser, which save viewed web pages on a hard drive then you must delete the page with the generated passwords from the hard drive. The second option is to change setting of the unsafe browser to not save viewed web pages to the hard drive.
As we can see, these brain wallets belong to the category of generated on demand (GOD) wallets, because the private keys are not saved in any place. Outside of a time interval, on which they are generated and used, they do not exist in the real world. For this reason they are more secure than hot, mobile, soft, hard and cold wallets, which store private keys in encrypted files. These files can be hacked, damaged, stolen, broken, confiscated, etc.
Private DPGs generate different sets of passwords even for the same input parameters, therefore hackers will not be able to reconstruct your brain wallet even if they know the DPG’s input parameters, but have no access to your private DPG.
To increase security of your cryptos you can periodically (even each day) change these brain wallets and keep your cryptos in newly created wallets.
P.S. Here is a list of hacked hardware crypto wallets: https://www.unciphered.com/wallets
References:
https://en.bitcoin.it/wiki/Brainwallet
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